Park Holidays UK sold for £362m

New expansion plans have been signalled by Park Holidays UK following the announcement of the company's sale for £362m to the Intermediate Capital Group plc (ICG).

ICG has acquired the 26-strong parks group from Caledonia Investments plc which has owned Park Holidays UK for the past three years, and steered it through a period of rapid growth. Specialist asset manager ICG aims to ensure the continuation of the group's success story through investment both in the company's existing parks, and in the making of new park acquisitions.

Parks Holidays UK says there will be no changes to its senior management team which has been in place since 2006. Since then, Park Holidays UK has grown to become Britain's third largest holiday park groups with 26 coastal locations in southern England, from Devon in the west to Suffolk in the east.

The company's parks have established themselves as one of Britain's most popular providers of holiday lodges and holiday caravans for private owners. Guests can also rent holiday homes for a stay, and touring pitches are also provided on some parks. Bolstering the appeal of its parks is a reputation for providing first-class leisure and entertainment facilities, and extended opening seasons for owners of up to 11.5 months of the year.

Commercial director of Park Holidays UK, Tony Clish, said that 2016 had been a strong year for the group, and that it was now greatly looking forward to partnering with ICG:

"I believe that Park Holidays UK has played a very significant role in raising the bar for the UK parks industry, both in terms of the quality standards and value provided to customers.

"We will remain focussed on these vitally important elements as we make plans to invest in our existing operations, and to acquire new parks which are a fit to our business model... Our company will continue playing its part in developing a vibrant UK tourism economy which benefits both employment and the widening of leisure opportunities for customers," said Tony Clish

Completion of the transaction is likely to take place early in the new year once official approval has been received from the Financial Conduct Authority.